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Saturday, June 22, 2024

‘NBA 2K22’ Drives Take-Two to $930M in Q4 Revenue

  • The owner of video game publishers Rockstar Games and 2K generated $930 million in revenue in fiscal Q4.
  • The results were driven by digitally delivered revenue, which reached $833 million during the quarter, up 9% year-over-year.
2K

Take-Two Interactive exceeded its own expectations in the company’s latest earnings report behind impressive sales of “NBA 2K22.” 

The company, which owns major video game publishers including Rockstar Games and 2K, generated $930 million in revenue in fiscal Q4, surpassing its forecast of revenue ranging between $835 million and $885 million. 

The stronger-than-expected-quarter is a jump from the $839.4 million in revenue Take-Two reported in fiscal Q4 2021. 

The “Grand Theft Auto,” “NBA 2K,” and “Red Dead Redemption” franchises, in particular, drove results. 

  • Digitally delivered revenue reached $833 million in fiscal Q4, up 9% year-over-year.
  • The largest contributor was “NBA 2K22” with over 10 million copies sold since Sept. 9, 2021.
  • Over 165 million copies of “GTA V” have been sold to date.  

Take-Two has planned 18 releases for the rest of the year, including a new 2K sports title. 

The company also has a unique opportunity to tap into the world’s most popular sport after FIFA decided not to renew its deal with Electronic Arts last week. However, there are “no current plans to discuss” a deal between Take-Two and FIFA, according to CEO Strauss Zelnick. 

Expanding Portfolio

In January, Take-Two announced it will buy mobile game maker Zynga in a deal valuing the company at an implied enterprise value of $12.7 billion. The acquisition will be funded with $2.7 billion in financing from JPMorgan Chase, Take-Two’s balance sheet, and a debt issuance.

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